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1、EUUELEPensionReformsinIndia4hGlobalConferenceofActtiafiss15hFebruary2002eEzEUUELEAgendaBackground&CurrentFrameworkBasiclssuesReformInitiativesRefolmInitiativesintheprivateSectorCstsBackground“StrongJointfamilyconcept-WiththePatriarchasthepivotprovidedOldAgeSecurity-Wasadequateinaagrarian&ruralsociet
2、y-Industrializationandurbanizationunderminedthetraditionalconcept-EvenifprevalenteffectivenessasanoldageSecuritytoolisdoubtfule连EOldageSecurityPlans“CivilServiceSchemes-GovernmentatCentreandthestateassuredpensiontotheiremployeesPensionisnon-contributory,indexed,DefinedBeneftt&totallyunfundedandpaido
3、nPAYG一ProvidentFundcontributedbyemployees一MostoftheQuasiGovernmentinstitutionshaveadoptedthesimilarschemeseOldageSecurityPlans*MandatedIndustrySchemes一ProvidentFundSchememandatedbyacentrallegislationacrossthecountry*ProvidesforcontributoryProvidentFund*PensiontowsrdswhichapartoftheProvidentFundCcntr
4、ibulionsaredivertad一GratuitySchemeagainmandatedbyacentrallegislation*Lumpsumpaymentbasedonlastdrawnwagesattheterminationofemploymentafterafiveyearsofcontinuows8rvipeOldageSecurityPlans*VoluntaryIndustrySchemes一SuperannuationPlansintroducedbyemployersvoluntarily一PredominantlyintroducedbyCorporatesand
5、DB-EitheradministeredbytheTrusteesorbyLIC。OtherDldagesecurityschermesinireducedbytheGovernments一GovernmentsatthestateaswellasatthecentrehaveintroducedafewschemesrEECoverage。Estimatedworkingpopulationisabout350million一15%ofwhichissalariedemployees(ofwhichGovernment23%&Non-Government49%f)一53%areselfem
6、ployed一31%areCasualcontractworkers*Onlythesalariedernployeesarecoveredbyanykindofpensiotplans一28%ofsuchsalariedemployeesarealsonotcovered.Effectivelythismeanshardly1096oftheworkingpopulationiscovered.Asapercer甚羞g殷Q工populationitisaminiscule394EUUEEBasiclssues。_(D5PensionCrises*CivilServicePensions*Ce
7、ntralGovtPensionliabilityis15?ofthenettaxrevenueason2000-01*CombinedwithStatepensionsthepensionliabilityaccountsfor2.25%oftheGDP*Demographics*Expectedpopuiationincreasebetweeii1591and2016is4906*Theelderlypersons(60andabove)wouldincreaseby107%“By2026eldarlypersonswouldconstitute14%ofthepopulation白荣Ot
8、herbasicissues*RegulatoryFramework*Thereareanumberoflegislations&authoritiesthatgovernPensionplans*EmployeePFisoverregulatedbutundersupervised“*VoluntaryEmployerPensionschemesarenotgovernedatal*Philosophyofregulation*Explicitfianewcikarimplicitffaimewor*TypeofBeneft*DefinedBenefttorDefinedcontribution*Taxregime*CurrentlyVoluntarySuperannuationplansareEETwhilePFandgratuityarta典IgeextentEEE.
